These summaries were prepared by McGuireWoods LLP lawyer Thomas E. Spahn. They are based on the letter opinions issued by the Virginia State Bar. Any editorial comments reflect Mr. Spahn's current personal views, and not the opinions of the Virginia State Bar, McGuireWoods or its clients. 
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8-Bills and Fees

Given cryptocurrency’s “extreme fluctuation” and other factors, there is “a great deal of risk undertaken by the lawyer and/or the client” when dealing with cryptocurrency. Lawyers may accept cryptocurrency as an advance fee for legal services, as long as the arrangement satisfies Virginia Rule 1.8(a)’s requirements, and is “agreed to by the client ... after being informed of its implications [including the risk of cryptocurrency being lost or stolen, the absence of FDIC insurance, etc.] and given the opportunity to seek the advice of independent counsel, all of which is confi1med in writing.” Lawyer’s acceptance of cryptocurrency as payment for an earned fee is not a “business transaction” with the lawyer governed by Virginia Rule l.8(a)).

Copyright 2000, Thomas E. Spahn